Anthropic has shifted its planned IPO from October to November and reportedly still seeks a $100 billion raise at a $2 trillion valuation. The company expects its annualized revenue run rate to top $110 billion by year-end, implying about 18 times sales at that target.
When reports first put Anthropic’s IPO target at $2 trillion, its annualized revenue run rate was about $65 billion, implying a 30-times-sales valuation. The article contrasts that with SpaceX’s roughly 93.6-times-sales valuation when it went public earlier this year. Anthropic’s run rate reached $47 billion in May, and second-quarter revenue was $11.5 billion, up 14-fold from a year earlier.
Anthropic projects revenue of $190 billion to $200 billion in 2028, which the article says would imply a sales multiple near 10 at a $2 trillion valuation. The company estimates its total addressable market at $30 trillion; the article cautions that it may not capture anywhere near that amount.
